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ATVs (all-terrain vehicles) and UTVs (utility terrain vehicles) are great for work and recreation alike. However, they can be expensive and may require financing.
Luckily, there are many ATV financing options available including loans, credit cards, and retailer financing that may help you spread the costs out over time.
On this page:
- How to Find ATV Financing
- Using an ATV Loan for Your Purchase
- Paying for an ATV With Credit Cards
- Retailer Financing
Compare ATV Loans
How to Find ATV Financing
If you need ATV or UTV financing, you have a few options to consider—each of which has its own pros and cons. This guide will help you decide on the best way to fund the purchase of your off-road vehicle so you can hit the trails with a great ATV or UTV and as much money as possible left in your pocket.
Paying cash for an ATV is always the preferred approach because whenever you use a loan, you must pay interest. If this isn’t possible, or if you prefer to use financing, there are a few options including:
- An ATV loan issued by a bank, credit union, or online lender
- Retailer financing obtained through the store where you buy your ATV
- 0% APR credit cards
When you decide which of these options is the right one, look at the big picture to assess total costs. Consider any up-front fees to obtain the loan, the interest rate you pay, the monthly payment and loan term, and the qualifying process.
When you compare ATV loans with all of these factors in mind, you can get a loan that’s affordable on a monthly basis and minimizes the total interest you pay over the life of the loan.
Using an ATV Loan for Your Purchase
A personal loan can be an affordable financing option for an ATV. Although there are dedicated ATV loans, you can also just get a general personal loan. Personal loan funds can be used for anything you want, so the lender won’t care that you’re using the funds to buy an ATV.
Personal loans typically have fixed rates with predictable monthly payments that don’t change over the life of the loan. In addition, many come with no fees which can help keep costs down.
Here are some lenders you may want to consider for an ATV loan:
4.29% – 11.89%
$5,000 – $100,000
LightStream is a great option for an ATV loan due to their low rates, lack of fees, and Rate Beat program in which they will beat any rate a competitor offers by 0.10 percentage points.
- Credit score category: Excellent, good
- Soft credit pull to check rates: Not available
- Deposit time: As soon as the same day
- Origination fee: 0%
- Late fee: None
- Discounts: 0.50% interest rate reduction for enrolling in autopay
- Repayment terms: 24 – 84 months
7.99% – 35.97%
$1,000 – $35,000
Upgrade is a great ATV loan option for borrowers with bad or fair credit, as well as those that need smaller loans. You can check rates without affecting your credit score and eligibility is based more on free cash flow as compared to other lenders.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As soon as the next day
- Origination fee: 2.9% – 8%
- Late fee: $10
- Repayment terms: 36 or 60 months
6.27% – 35.99%1
$5,000 – $30,0002
Since 2012, Upstart has become a fast-growing online lending platform offering a variety of loans to consumers with fair or bad credit. By using this direct-to-consumer platform, borrowers can get their funds as soon as the next business day.3
- Credit score category: Poor, fair, good, excellent
- Soft credit pull to check rates: Yes
- Deposit time: As fast as the next business day3
- Origination fee: 0% – 10%
- Late fee: $5 or 15% of payment (whichever is higher)
- Repayment terms: 36 months or 60 months1
Who Is an ATV Loan Best For?
If you’re thinking of using a personal loan to finance an ATV or UTV, you should consider some of the big advantages of this approach.
The low rates, speed of funding, and myriad options for different lenders make personal loans an alternative worth considering for well-qualified borrowers who can get the best personal loan rates.
This is especially true if you don’t want or can’t obtain attractive dealer financing and you don’t want to max out a credit card to buy your off-road vehicle.
Pros of ATV Loans
- Low rates. The interest rate you’ll pay on a personal loan for an ATV is typically lower than the rate on a credit card.
- Easy to obtain. Personal loans can be relatively easy to qualify for and you can usually obtain funds to buy your ATV within a few days.
- Unsecured. Most personal loans are unsecured, which means that you don’t pledge the ATV as collateral to guarantee the loan.
- Predictable payments. Because a personal loan has a fixed repayment term (usually around one to five years), you’ll know exactly when you’ll have your loan repaid and your rates won’t change over time.
Cons of ATV Loans
- Rates can be high if you have bad credit. If you have bad credit, you’ll likely find that the loans you qualify for have rates that are nearly as high as credit cards.
- An extra step to get your ATV. You’ll need to apply directly with personal loan lenders to obtain financing, which adds an extra step to your purchase that you don’t have to worry about with dealer financing or when using a credit card you already have.
Paying for an ATV With Credit Cards
Using a credit card is a different way to buy an ATV. You can use an existing card, provided you have enough available credit to cover the ATV cost. You can also obtain a new credit card you use specifically to buy your ATV.
Whichever approach you choose, you’ll need to understand the pros and cons of charging an off-roading vehicle on a credit card.
Credit cards are a great choice for ATV financing if you can qualify for a card with a 0% promotional APR (annual percentage rate) period, can get a large enough line of credit to pay for the ATV, and can pay off the amount you borrowed before your promotional rate expires. If all these things aren’t true, look elsewhere for financing, because charging your ATV will simply be too expensive.
Pros of Credit Cards for ATV Purchases
- Fast & simple. Financing an ATV with credit cards is often the simplest approach because most people already have credit cards and getting one is easy.
- 0% APR intro periods. Many credit cards offer a special 0% introductory interest rate, such as 0% on purchases for 12 to 18 months. Just be sure to pay off the credit card balance before the period runs out or you will be charged a lot of interest.
- Earn rewards. Most credit cards offer rewards of at least 1% on purchases. Though this likely won’t amount to much just from an ATV purchase, it is something to consider.
Cons of Credit Cards for ATV Purchases
- Very high interest rates. One issue is that you may not be able to get a 0% promotional rate or may not be able to pay off the loan amount before the 0% rate expires. If that’s the case, credit cards would become very expensive and hard to pay off.
- Low credit limits. You may not get approved for a credit card with a large enough line of credit to cover your ATV costs. And if you maxed out a card by charging an ATV, this could hurt your credit score, since you’re penalized if you use more than 30% of your available credit.
Finally, your dealer or ATV retailer may also offer in-house financing to buy your all-terrain vehicle. This financing may be done directly through the dealer’s financing arm if they have one, or through third-party lenders the dealer has partnered with.
Retail financing is good for you if your dealer offers it and if you can qualify for favorable rates.
Be sure to look beyond just the monthly payment, because some retailers will offer you a loan with a very long repayment timeline. While this makes your monthly payment appear low so the loan looks affordable, this could mean you pay interest for much longer—which means your total costs of repayment over time are much greater.
Pros of Dealer Financing
- Simple process. If your retailer offers the ability to obtain an ATV loan, they’ll help you take care of the paperwork right in the store. You won’t have to submit a separate loan application.
- Same day approval. It’s often possible to get approved the same day you’re shopping for financing, and you may also be eligible for low promotional rates that could be as low as 0% APR for a limited time.
Cons of Dealer Financing
- High costs. Your rate, and whether you can qualify for any promotional rates, is determined by your credit score. If you don’t have good credit, you may not be able to obtain a loan, or the retailer financing may come with a very high interest rate.
- ATV may act as collateral. When you obtain retailer financing, the ATV typically acts as collateral and the loan is secured. So if you don’t pay back what you owe, it’s easy for the lender to repossess the ATV, leaving you without your off-road vehicle and sometimes out a lot of money.
Recap of ATV Loans
As you can see, you have multiple options for ATV loans and UTV financing. The right one will depend upon the specific rates and terms you can qualify for from personal loan lenders, credit card issuers, and your ATV dealer.
Be sure to compare all of your options before you buy so you don’t pay more in interest than necessary on your all-terrain vehicle.
For reference, here is a recap of lenders you may want to consider:
|Lender||Rates (APR)||Min Credit Score|
|LightStream||4.29% – 11.89%||660+|
|Upgrade||7.99% – 35.97%||620+|
|Upstart||7.35% – 35.99%1||620+|
1 The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 15% and 36 monthly payments of $33 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
2 Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
3 If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.
Author: Christy Rakoczy